Amiantit recommends 70.2% capital cut to offset losses

Saudi Arabian Amiantit Co.’s board of directors has recommended 70.2 percent capital reduction to SAR 344 million from SAR 1.1 billion to offset accumulated losses, the company said in a statement to Tadawul on Sunday.

The company will cancel 34 million shares from its current 115 million shares, the statement said, adding that the capital reduction is still subject to regulatory approvals and will not have an impact on Amiantit’s liabilities.